eight follow up report mutual evaluation - giaba fur the gambia - english.pdf · eight follow up...

INTER-GOVERNMENTAL ACTION GROUP

AGAINST MONEY LAUNDERING IN WEST

AFRICA

Eight Follow Up Report

Mutual Evaluation

THE GAMBIA

MAY 2014

© 2014 GIABA. All rights reserved.

No reproduction or translation of this publication may be made without prior written permission. Requests for

permission to further disseminate, reproduce or translate all or part of this publication should be obtained from

GIABA, Complexe Sicap Point E Av Chiekh A. Diop, X Canal IV 1er Etage Immeuble A, BP 32400, Ponty Dakar

(Senegal). E-mail: [email protected]

1

Name of Country: THE GAMBIA

Date of on-site Mutual Evaluation: April 2008

Name of Assessor Institution: GIABA Date of adoption of last Mutual Evaluation: September 2008

Date of Follow Up/Progress Report: February 28, 2014

Ratings for Core and Key Recommendations

Rec 1 3 4 5 10 13 23 26 35 36 40 I II III IV V

PC LC C PC PC NC NC NC LC PC PC PC LC PC NC LC

Recommended Action (as listed in the

MER)

Timetable for

adoption of

corrective

measures

Action(s) already taken Remaining Actions to be taken

(with timelines, if known)

Responsible

Institution

Technical

Assistance

Required

RECOMMENDATION 1

The MLA should provide for all the

predicate offences specified in the FATF

40 Recommendations.

The threshold of two years for the

predicate offences of money laundering

is too high and should be reduced to 1

year imprisonment term or less in order

to accommodate all serious offences in

The Gambia Criminal Code and other

relevant laws.

The law should clearly designate the

authorities responsible for the

implementation of the various elements

of the Act.

National

Workshop for

DNFBPs May

2014

National

Workshop for

Investigators,

Prosecutors

July 2014

National

AML/CFT

Workshop for

FIs and

Regulators

The Money Laundering Act

2003 has been repealed and

the new Anti-Money

Laundering and Combating of

Terrorism Financing

(AML/CTF) Act 2012 has been

enacted and accented to by the

President.

All the 20 predicate offences as

per FAFT Recommendation

have been designated as

predicate offences of Money

Laundering and Terrorism

Financing. Furthermore, the

predicate offences have been

Progressive specialised trainings

will be provided to key

stakeholders in 2014. Five

specialised trainings will be

provided in 2014, funding from

African Development Bank.

GFIU will continue to seek

funding from other international

bodies to establish an

Information and Resource

Centre within the complex of

GFIU.

Four specialise trainings will be

provided in 2015. Funding has

been provided by AfDB. Thus,

FIU, CBG, AfDB

We will need GIABA

to provide us with

facilitators for all the

5 training

programmes.

GIABA to help in the

identification of

relevant topics to

cover for the

trainings.

2


MER)

Timetable for

adoption of

corrective

measures



Responsible

Institution

Technical

Assistance

Required

There should be a clear definition of the

agency responsible for the enforcement

of the ML Act.

The investigators and prosecutors

responsible for the implementation of

the ML Act should be trained and

equipped with the necessary human

resources and funding to enhance the

effective implementation of the law.

September

2014

National

AMLCFT

Workshop for

FIU staff

November

2014

criminalised in the Criminal

Code and Acts of the National

Assembly.

All the predicate offences to

Money Laundering and

Terrorism as listed in Schedule

II of the AML/CTF Act 2012

are criminal conducts in The

Gambia. Section 2 of the

AML/CTF Act 2012 states that

a criminal conduct is any

conduct punishable with an

imprisonment of 6 months;

thus the predicate offences to

ML/TF provides the broadest

range of offences. The

threshold is therefore captures

broad range of offences.

The AML/CTF Act 2012 clearly

designates roles to all relevant

authorities (competent

authorities as defined in the

Act) responsible for

implementation of the various

components of the Act. The

Objects and Functions of the

FIU are clearly provided in

Section 3 and 4 of the Act.

Section 14 4 empowers the FIU

to enforce compliance. Section

25 requires reporting entities

to conduct CDD.

capacity building will be

reinforced.

3


MER)

Timetable for

adoption of

corrective

measures



Responsible

Institution

Technical

Assistance

Required

Reporting entities are required

to maintain records for a

period of 5 years, S33 requires

RE to report STRs as relate to

ML or TF, S43 specifies duties

of the RE, further powers of

the FIU are provided in Ss44,

45 & 46. The Customs are

empowered to monitor

currency disclosures at border

posts as provided in Ss 48, 49,

50. The law enforcement

agents are tasked to

investigate ML/TF as provided

in Ss51, 52, 53, 54, 55, 56, 57,

58, 59, 61, 65 (Pecuniary

penalty orders), 70, 75, etc.

The Courts are also

empowered to prosecute and

enforce the AML/CFT Act

2012.

Relevant stakeholders have

progressively benefited from

training over the years. The

FIU obtained Funding from

AfDB, 4 different specialised

trainings will be held for

relevant stakeholders

(prosecutors, investigators,

reporting entities, FIU) in

2014.

Four officials (from the Police,

FIU, Justice) will attend

4


MER)

Timetable for

adoption of

corrective

measures



Responsible

Institution

Technical

Assistance

Required

UNODC workshop on Asset

Seizure and Management on

24-27, March, 2014 in Saly,

Senegal

Recommendation 5

The CBG should commence full

implementation of the ML Act and the

GCDD through the process of proactive

monitoring of compliance of the

AML/CFT measures by FIs.

The GCDD should be adopted as a

regulation by the National Assembly in

order to create a direct obligation for the

FIs to ensure a comprehensive

implementation of the R. 5

requirements.

FIs should be trained on how to apply the

risk-based approach in order to increase

the level of implementation of the ML

Act and the GCDD by FIs.

The authorities should consider

developing further guidance notes and

typologies on the various CDD measures

in order to provide feedback and best

practices on the implementation of R. 5

to the FIs.

All Guidelines

should be

completed in

July, printed,

bound and

disseminated

in July 2014.

The Customer Due Diligence

Guideline was issued to

Financial Institutions in 2007

and a revised version was

issued.

The FIU received funding from

the African Development Bank

to help implement the

requirements of the AML/CTF

Act 2012. The FIU with the

help of the FIU will recruit a

consultant in March 2014, to

draft AML/CTF Guidelines

(not only CDD) to all classes of

reporting entities.

The consultant will work with

all the regulators of the

reporting entities, the

reporting entities themselves

and the FIU to draft

comprehensive guidelines.

The AfDB funding will cover

significant costs of 8

specialised of which 4 will be

conducted in 2014. Two of the

The consultant will be hired in

April. He will work on all the

Guidelines within three months.

The completed draft guidelines

will be reviewed by the

supervisory authorities, the

reporting entities and the FIU.

The finalised Guidelines will be

printed and bound; 500 copies

will be produced and

disseminated.

One training will be conducted

for the Financial Institutions

and one for DNFBPs. The topics

to cover for the trainings will

include RBA, CDD measures,

ML/TF typologies, etc, to be

determined by the consultant in

consultation with the FIU,

reporting entities, regulatory

authorities, GIABA.

GFIU, CBG (all

regulatory

departments),

GIABA

5


MER)

Timetable for

adoption of

corrective

measures



Responsible

Institution

Technical

Assistance

Required

trainings will be for the

reporting entities.

RECOMMENDATION 10

The Supervisory Authority should

ensure that it covers all rules relating to

record keeping in its supervision and

examination program.

The AML/CFT

Examination

Manual to be

completed in

July 2014.

The GCDD issued to FIs and

DNFBPs cover record keeping

requirements for a minimum

period of 5 years.

The consultant will develop

AML/CFT Examination Manuals

for the Financial Institutions

and DNFBPs. This will elaborate

all record keeping requirements

specified in Section 27 of the

AML/CTF Act 2012

GFIU, CBG,

Consultant

RECOMMENDATION 13

The Money Laundering Act should be

revised to provide for the minimum

designated predicate offence or adopt a

broader approach which is to include all

crimes within the minimum term of 6

months imprisonment as a predicate

offence.

Terrorist financing should be clearly

included as a predicate of money

laundering

AML/CTF Act

2012 to be

amended

before end

2016.

The MLA 2003 has been

revised and a new AML/CTF

2012 was enacted in June

2012. All the Recommended 20

predicates crimes have been

included as predicate crimes of

Money Laundering and

Terrorism Financing. The

predicate crimes extend to all

offences attracting an

imprisonment term of 6

months.

Terrorism Financing has been

included as predicate crime of

ML & TF. See Schedule II of

The AML/CFT Act should be

revised to include Tax Crimes

and Proliferation of Weapons

of Mass Destructions as

predicate crimes of ML/TF.

National

Coordinating

Committee (NCC),

FIU, Ministry of

Justice

Not required

6


MER)

Timetable for

adoption of

corrective

measures



Responsible

Institution

Technical

Assistance

Required

Reporting entities should be directed to

submit STRs related to financing of

terrorism to the FIU.

Tax matters should be included in the

reporting of STRs.

the Act. TF is clearly defined in

Section 2 of the Act.

All the reporting entities are

required to submit STRs on TF

(See S33 of the Act). The FIU

had so far received 2 STRs on

TF cases which are being

analysed.

Tax crimes has not been

specifically listed as a

predicate crime of ML/TF,

however, Tax Evasion is a

criminal conduct which the

FIU is mandated to combat not

only ML & TF but criminal

conducts which as defined in

S2 of the Act includes all

offences of imprisonment term

of 6 months.

RECOMMENDATION 23

The CBG should formally cover all the

AML/CFT measures in its supervision

and onsite examination.

The ML Act should be reviewed to cover

the FATF Recommendations

comprehensively with regards to

DNFBPs, and other unlicensed and

unregulated sector.

Onsite visits

will be done for

all DNFBPs for

sensitisation

in 2014,

starting April.

This will be

followed by

onsite

examination.

The CBG and the FIU jointly

conducted on-site

examinations all on

commercial banks operating

the Gambia in past four years.

The FIU staffs in the

examination team conduct

AML/CFT examination. All

such examination reports filed

in the Financial Supervision

Department.

The AML/TFT Act 2012 should

be considered for revision to

include NGOs as a DNFBP

Once the consultant completes

the On-site Examinations

Manual, going forward the

AML/CFT examination report

will be separated from the

normal prudential examination

reports.

GFIU, National

Coordinating

Committee, CBG,

7


MER)

Timetable for

adoption of

corrective

measures



Responsible

Institution

Technical

Assistance

Required

Onsite examinations should be extended

to the DNFBPs included in the Act.

The FIU should monitor and ensure

compliance by FIs, and NFIs with

requirements to combat money

laundering and terrorist financing,

consistent with the FATF

Recommendations.

The

examination

time table to be

determined.

The ML Act 2003 has been

revised. All the recommended

DNFBPs have been included

except the Non-Profit

Organisations. It should be

noted that all NPOs are

registered and monitored by

the NGO affairs.

A compliance and prevention

division created in the FIU will

principally monitor compliance

with AML/CFT laws and

regulations

RECOMMENDATION 26

The ML Act should be revised to clearly

provide for the operational independence

of the FIU;

The reporting of STRs to the FIU as the

national center for the receipt of such

reports should be clearly provided in the

ML Act. At the moment, the Act provides

that the LEA or any other competent

authority can receive reports from the

FIs;

Adequate funding should be provided to

the FIU to enable it hire competent staff

and equip its offices;

The personnel of the FIU should be hired

and screened independent of the FSD;

The AML/CTF Act 2012

created the FIU as a separate

government entity, governed

by a Board of directors and

staff.

The objects and functions of

the FIU are clearly stated in

S4 and S5 of the Act

The Government has provided

separate budget for the FIU to

ensure its operational

independence

The director of the FIU has

been appointed by the

president of the republic of The

Gambia for a period of 5 years

renewable once. He assumed

duties on November 02, 2013

Training should be provided to

DNFBPs on STRs reporting and

related ML/TF obligations and

issues. This should be done in the

early half of the year.

Customised trainings GFIU

(Financial Analysis, to be funded

by UNODC in May/June 2014).

More cooperation and

coordination needed between all

relevant stakeholders especially

the National Coordinating

Committee

Internal Policies of the GFIU

should be put in place. The

consultant is required to do this.

GIABA should help to solve the

problems of the Analytical

Software to facilitate online

GFIU, Consultant,

LEAs, GIABA,

UNODC, NCC,

Reporting Entities

GIABA to help solve

the problems of the

Analytical Software

and provides

trainings on how to

effectively use the

system.

GIABA to help in

identifying relevant

topics to be included

in the AML/CFT

policies for relevant

stakeholders

8


MER)

Timetable for

adoption of

corrective

measures



Responsible

Institution

Technical

Assistance

Required

The new staff of the FIU should be

trained to undertake their primary role

of receiving, analyzing and

disseminating STRs, including the

development of guidance and policy

recommendations on how to improve the

AML/CFT measures in the country

The FIU should commence the electronic

receipt of STRs in a secured

environment;

The FIU should provide detailed

guidance to FIs, NFIs, and DNFBPs

regarding their obligations under the Act

and should develop and provide training

programs to reporting entities to

improve the reporting of STRs;

The ML Act should be reviewed to permit

the FIU ability to share information

spontaneously with other counterparts

through the Egmont Group;

The FIU should be made functional as

soon as possible to enable it join the

Egmont Group of FIUs;

The FIU should establish a coordination

committee comprising of the relevant

government agencies such as the NIA.

DEA, Police, Customs, Immigration,

The FIU Board Met on

February 25, 2014; it approved

a preliminary budget of about

USD150,000 for the FIU to

start its operations.

The GFIU has opened both an

operating account and project

account in the Central Bank of

The Gambia. Part of the

allocated money of the FIU has

been received.

The Central Bank of The

Gambia has generously

provided enough office space

for the FIU, located in the 5th

Floor of the CBG building.

The quotations for the

procurements of all essential

furniture, computers,

photocopiers, printer, etc have

been received. All the

materials will be purchased

(funds already in the account)

The board approved 9 staff to

be appointed to begin the

operation of the FIU. Four of

the staffs have already been

appointed. This includes the

Director, Manager Research

electronic STRs and analysis.

More training is needed on how

to use the system.

The consultant in collaboration

with the FIU, Reporting entities,

LEAs, Supervisory authorities

and other relevant stakeholders

will develop AML/CFT training

policies for all relevant

stakeholders. This is expected to

complete in before July 2014.

Since the FIU is independent it

is required to publish account

report, presents its audited

accounts to the National

Assembly Public

Enterprise/Accounts Committee

for scrutiny. The first report of

the FIU should be out in the first

quarter of 2015.

GFIU will put in place an

appropriate feedback

mechanism, to provide timely

feedback to reporting entities

GFIU intends to go on study tour

to developed FIUs preferably

Mauritius with support from

GIABA.

9


MER)

Timetable for

adoption of

corrective

measures



Responsible

Institution

Technical

Assistance

Required

AG’s Chambers, the Company Registrar,

Department of State for Foreign Affairs,

Finance, Tourism and Interior to

exchange intelligence and information

on issues patterning to money

laundering and terrorist financing.

The FIU should be permitted to publish

annual reports and send feedback to the

FIs and DNFBPs

and Analysis, Manager

Compliance and Prevention,

Compliance Officer. The staffs

to be appointed soon include

Financial Analyst, Finance

Officer, Secretary,

Messenger/Driver and cleaner.

More staff will be appointed in

2015. The GFIU now wants to

join the Egmont Group.

The GFIU is fully functional

and operationally independent

from the operation of the CBG.

The Director of FIU does not

report to CBG.

GFIU have been receiving

STRs on ML/TF from reporting

entities. All reporting entities

(FIs & NFIs) are required by

the AML/CTF Act to file STRs.

The GIABA AML/CFT

Analytical Software has been

used to receive and analyse

STRs, however, the system

experience difficulties which

will be discussed with GIABA

in the forthcoming GIABA

programming event.

All relevant stakeholders been

receiving trainings provided by

10


MER)

Timetable for

adoption of

corrective

measures



Responsible

Institution

Technical

Assistance

Required

GIABA, WB, Swiss

Government, etc.

The Inter-ministerial

Committee (this is to be

replaced with the National

Coordinating Committee) has

been established; it played

instrument role in the revision

and enactment of the Act, the

appointment of the FIU

Director, initiated Ratification

of the remaining UN

Conventions.

GFIU can share information

with any other FIUs and

international organisations,

even without MOUs (see

Section 17 of the Act. FIU

provides feedback on

RECOMMENDATION 36

The Assessors were of the view that The

Gambia legal system will benefit from a

comprehensive MLA legislation which

will bring together all the various MLA

provisions in different laws in to one

document.

The authorities would need to develop

MLA guidelines or procedures for the

law enforcement agencies in order to

The GFIU can provide regal

assistance to other FIUs and

international organisations

even without signing MOUs.

There is no need for bilateral

agreements to provide such

assistance (see s17 of the Act).

The FUI in collaboration with

CBG acted on legal assistance

request from Netherlands in

connection of ML

There is a need for a

comprehensive ML Act.

This should provide for

regulations be issued to help in

speedy provision of Mutual Legal

Assistance without delay.

Justice, NCC

Not required

11


MER)

Timetable for

adoption of

corrective

measures



Responsible

Institution

Technical

Assistance

Required

reduce the time currently required for

the processing of MLA requests.

The Assessors recommended that the

MLA legislation should be enacted in

accordance with the UNCAC provisions

on MLA which has been described as a

good example of a model MLA regime.

The difficulty in the implementation of

the bilateral agreements on mutual legal

assistance should be identified especially

where language is a problem or different

legal systems between Francophone and

Anglophone has posed challenges in the

past.

It should be possible to provide MLA in

cases where FIU, LEAs, CBG

counterparts request for prompt

response to a request based on MOU or

other less formal mechanisms.

The ML Act is too restrictive in the

application and granting of MLA

requests. The restrictions related to

signing of bilateral and multilateral

treaties should be reviewed.

The threshold set for predicate offences

of money laundering should be reduced

to enable it come within the acceptable

international standard and thereby

enhance international cooperation in

this regard.

investigation. The request

relates to USD400,000.

The FIU requested for

information from the FIU of

Sao Tome and Principe on a

suspicious wire transfers of

about D16,000,000 linked to

real estate investment. We

received good cooperation from

them and the information

gathering is on-going.

GFIU also received request

from the FIU Niger on

suspicious transactions though

Western Union and other

money transfer agents

involving Gambian Nationals

using different identification

document. The GFIU is

gathering information to assist

FIU, Niger.

The issue of predicate offences

have been addressed. The

predicate offences are

criminalised in laws of The

Gambia.

12


MER)

Timetable for

adoption of

corrective

measures



Responsible

Institution

Technical

Assistance

Required

RECOMMENDATION 40

Improvement in the provision of timely

responses to the requests from other

countries.

The FIU should be made functional and

procedures developed to enhance its

opportunity of joining the Egmont Group

so as to be able to exchange and receive

intelligence information on money

laundering and terrorist financing from

other countries.

Exchange of information with other

counterparts should be improved

through the signing of MOUs and

arrangements with them.

Tax matters should be made a predicate

of money laundering so that requests for

international cooperation in this regard

can be granted.

There should be sufficient security

mechanisms in place to protect

confidential information

The sharing of information

with other FIUs and

international organisations

has improved. GFIU can share

information even without

MOUs

Since GFIU is now an

independent entity, with its

own staff and budget, Separate

Board of Directors; its

operational independence is

assured.

GFIU is tasked to combat ML,

TF and any criminal conducts

(offence punishable by prison

sentence of 6 months).

The operating environment of

the GFIU is well secured. It is

housed in CBG building which

has tight security control. The

offices of the FIU are restricted

to GFIU staff only official

visitors allow entry in the

Secretary’s office.

CCTVs are fitted to strengthen

security.

MOUs are desired, thus, GFIU

should sign such MOUs with

other FIUs.

GFIU should now start the

process of joining the Egmont

Group before the end of 2014; to

be facilitated by GIABA.

The AML/CFT Act 2012 to

include Tax Crimes and

Proliferation of WMDs as

predicate crimes of ML & TF.

GFIU, NCC, GIABA

Ministry Justice,

NCC, GFIU

GIABA to prove

Guide procedures to

enable GFIU join

Egmont Group.

13


MER)

Timetable for

adoption of

corrective

measures



Responsible

Institution

Technical

Assistance

Required

GFIU maintains a clean desk

policy; where no records are

left on the tables.

All the filing cabinets are

locked and keys in proper

custody.

SPECIAL RECOMMENDATION I

Improve the timely distribution of the

lists of designated persons.

Take steps to ensure the analysis of

information received from the FIs by the

FIU in a prompt manner,

Provide prompt feed back to FIs by the

FIU.

Implement an effective procedure for the

freezing and unfreezing of delisted

persons.

The FIU should be made functional as

soon as possible to permit the

development of guidance notes for FIs.

Develop mechanisms for the

coordination of national and

international cooperation across

relevant agencies

Regulation on

the

implementatio

n of UNSCRs

1267 & 1373

and

subsequent

resolutions.

GFIU is functional

The current procedure is that

the designated lists are

received by Ministry of Foreign

Affairs, then to AG’ chambers,

then CBG and CBG

disseminates to FIs. This may

not be efficient.

Drafting of a Regulation for the

implementation of the

requirements o f the UN Security

Council Resolution 1267, 1373

and any subsequent Security

Council Resolutions has began.

However, Technical Assistance

is required to complete the

process. The regulation will

allow the effective

implementation of the

Resolutions by coordinating

efforts at national level

A technical assistance request is

being developed and will be

forwarded to GIABA next week

for consideration and action.

GFIU, Ministry of

Finance, Justice,

CBG

There is need for

technical assistance

to speed up the

process.

14


MER)

Timetable for

adoption of

corrective

measures



Responsible

Institution

Technical

Assistance

Required

SPECIAL RECOMMENDATION III

There is need for a fully functional FIU

which will lead to an effective

implementation of SR III;

The FIU should provide additional

guidance to the FIs for the effective

implementation of the Act;

Furthermore the distribution of the lists

of designated persons and entities

should be forwarded to other reporting

entities and not only to banks.

The CBG should set up a coordinating

committee with the police and the

security agencies with regards to the FT

The FIU should develop procedures for

the unfreezing of funds and delisting of

persons on the UNSC/RES 1373 list,

including guidance on UNSC/RES 1267.

The CBG, through the FIU should

develop a monitoring mechanism in

place to ensure compliance with the

freezing measures in the country.

Regulation on

the

implementatio

n of UNSCRs

1267 & 1373

and

subsequent

resolutions.

Distribution of

Designated

Terrorists (UN

list) to all

reporting

entities.

The GFIU is functional but

needs to be more effective.

The Regulations once completed

will be circulated to all Reporting

Entities.

The AML/CFT Guidelines to

developed by the Consultant will

provide guide for effective

implementation of the AML/CTF

Act 2012

The regulations of the

implementation of UN SCRs

1267, 1373 and any subsequent

Resolutions once completed will

serve as mechanism for

distribution of designated

persons’ list to all reporting

entities in timely manner and

facilitate timely response.

Sanctions will be specified in the

regulation above for failure to

comply

GFIU, Consultant,

Reporting Entities

and Regulators,

GIABA

15


MER)

Timetable for

adoption of

corrective

measures



Responsible

Institution

Technical

Assistance

Required

SPECIAL RECOMMENDATION IV

The Money Laundering Act should be

revised to provide for the minimum

designated predicate offence or adopt a

broader approach which is to include all

crimes within the minimum term of 6

months imprisonment as a predicate

offence.

Terrorist financing should be clearly

included as a predicate of money

laundering

Reporting entities should be directed to

submit STRs related to financing of

terrorism to the FIU.

Tax matters should be included in the

reporting of STRs.


revised and all ranges

predicate crimes of ML & TF

have been included as

predicate crimes of ML & TF.

The predicates have also been

criminalised in The Gambia.

TF is clearly defined in Section

2 of the AML/CTF Act 2012

and listed as predicate crime of

ML & TF.

All reporting entities have

been tasked to report STRs on

TF. This has been provided in

the CDD Guidelines issued to

reporting entities.

A reporting Form has been

circulated to reporting entities.

So far two STRs on TF have

been received by the GFIU.

Tax Crimes and Proliferation

should be included as predicate

crimes.

Ministry of Justice,

GFIU, NCC

SUMMARY OF OTHER

RECOMMENDATIONS RATED PC

OR NC

RECOMMENDATION 6

The authorities should require that the

FIs put in place appropriate risk

The Guidelines issued to FIs

and NFIs requires special

attention paid to PEPs. Senior

The Consultant in collaboration

with GFIU, CBG, Reporting

GFIU, CBG,

Consultant

16


MER)

Timetable for

adoption of

corrective

measures



Responsible

Institution

Technical

Assistance

Required

management systems to be able to assess

on the basis of materiality and risk

whether a potential customer, an

existing customer or beneficial owner is

PEP.

There should be a direct obligation to

obtain senior management approval to

continue the business relationship

entered into with PEP before the person

became a PEP.

Additionally, there should be a direct

obligation either in the MLA or the

GCDD document for the FIs to establish

the source of wealth/funds of PEP

customers.

There should be an effective risk

management system in place to check

the risk profiles of PEPs or those

associated with them.

management approval is

required.

The current guidelines require

reporting entities to establish

the source of wealth of PEPs

entities will revised the current

guidelines requiring AML/CTF

Risk Assessment

This will be elaborated more in

the new guidelines to be

completed May 2014.

RECOMMENDATION 7

The ML Act or the GCDD should create

a direct obligation for the documentation

of the respective AML/CFT

responsibilities of each institution.

The issue of “payable -through accounts

should be clearly addressed in the GCDD

and the ML Act.

A comprehensive Guideline will

be completed, printed and bound

in booklet form and distributed

to all reporting entities before

May 2014. This funded by AfDB.

A Consultant is being recruited

GFIU, CBG,

Consultant

17


MER)

Timetable for

adoption of

corrective

measures



Responsible

Institution

Technical

Assistance

Required

There is no efficient mechanism in place

for the monitoring of the implementation

of R. 7 by FIs

for this. 500 copies will be

circulated to reporting entities.

The examination manual to be

developed before may will be

resolved the issue of monitoring

implementation of R7. All

reporting entity depending on

the risk will be examined.

RECOMMENDATION 12

Amend Schedule I of the ML Act 2003 to

make the required relevant provisions

apply to all DNFBPs as provided in the

FAFT Glossary

Bring all DNFBPs under regulatory and

supervisory measures for AML/CFT

purposes either under a governmental

department or a relevant SRO

Provide or direct relevant SROs to

provide appropriate AML/CFT Guidance

to all DNFBPs

Include exemption for STR obligations

for legal professionals when the matter

in question is subject to legal privileges.

Develop a cooperation and coordination

mechanism between the FIU and

DNFBPs for effective reporting and

monitoring.

All ML/TF obligations apply to

DNFBPs as provided in the

AML/CTF Act 2012.

The Legal practitioners are

supervise by Gambia Bar

Association

The FIU is required to conduct

examination on all reporting

entities (S5 of AML/CTF Act

2012.

STR obligation has been

exempted on legal

professionals for privileged

communication (S33 (5 & 6) of

the AML/CTF Act 2012.

The AML/CTF Guidelines issued

to DNFBPs is deficient in some

areas such as how to identify

STRs link to ML/TF.

A consultant (funding provided

by AfDB) will in consultation

with the FIU, SROs, DNFBPs,

will revised the guideline.

Printed and bounded copies will

be delivered to all DNFBPs

before July.

There is a need to address the

issue of Supervision of all

categories of DNFBPs. An expert

Group is working on a draft

FIU, NCC, SROs,

Justice, Interior,

TA needed in

developing a

National AML/CFT

Strategy. GIABA is

providing support.

18


MER)

Timetable for

adoption of

corrective

measures



Responsible

Institution

Technical

Assistance

Required

The FIU has issued AML/CTF

Guidelines to DNFBPs

AML/CFT National Strategy

Document.

GIABA is leading effort to

develop the National Strategy. A

National Workshop has now

been scheduled for March 18-20,

2014.

RECOMMENDATION 15

With regards to Recommendation 15, the

CBG should ensure that the

Examination manual covers all

measures relating to internal control,

compliance function, screening

procedures, employee training, and the

independent audit function.

There should be a direct obligation in the

Act for the appointment of Compliance

Officers at the Senior Management level.

Training on AML/CFT should be

provided to all management and junior

staff responsible for AML/CFT

implementation in the FIs.

Access to information on records of

transactions should be accessible to

compliance officers and selected staff

members of the FIs.

Onsite Examination was

conducted on 12 commercial

banks, which included

customer due diligence, record

keeping requirement, STR

reporting, compliance and

internal control, AML/CFT

programmes and

implementation, staff training,

etc.

The Compliance Officer is

appointed at Senior

Management level, S 39 (1) (2)

of the AML/CTF Act 2012; this

is provided in the Guidelines

issued to reporting entities.

Two Banks have acquired

AML/CFT monitoring software

to help them have in place a

robust system to track

A separate onsite examination

manual will be developed by the

consultant in consultation with

the FIU and regulatory

institutions. This will be used for

onsite examinations.

Financial institutions will be

required to deploy appropriate

AML/CFT vendor models in their

AML/CFT infrastructure. The

new Guidelines will encourage

them to do so.

All reporting

entities, FIU, CBG,

SROs

Not required

19


MER)

Timetable for

adoption of

corrective

measures



Responsible

Institution

Technical

Assistance

Required

transactions and report on

timely basis.

RECOMMENDATION 16

Amend the Money Laundering Act 2003

to make the required relevant provisions

apply to all DNFBPs

Bring DNFBPs under regulatory control

for AML/CFT purposes either under a

government department or a relevant

SRO

Require a relevant SRO to provide,

appropriate AML/CFT guidance to

DNFBPs

Include an exemption for STR

obligations for legal professionals when

the matter relates to, or is subject to

legal privileges.

All AML/CFT obligations now

apply to DNFBPs, as

stipulated in various

provisions of the AML/CTF Act

2012 and the Guidelines

issued to them.

The regulation and supervision

of all DNFBPs is gap which

should be addressed by the NCC

in consultation with relevant

institutions once the National

Strategy document is completed

and adopted. The Workshop is

scheduled for March 18-20, 2014.

NCC, FIU, SROs,

Ministries of

Interior, Justice

TA will be needed on

how to bring the

DNFBPs under

regulation.

RECOMMENDATION 17

The powers to apply sanctions should be

diligently utilized if and when necessary;

Sanctions should apply to all FIs, NFIs,

and DNFBPs

The AM/CTF Act 2014

provides for various sanctions

All the Guidelines should be

reviewed to clearly specify all

broad range of sanctions for non-

compliance to AML/CFT law,

regulations (UNSCRs 1267

FIU, SROs, CBG

Not required.

20


MER)

Timetable for

adoption of

corrective

measures



Responsible

Institution

Technical

Assistance

Required

The Act provides sanctions

across all categories of

reporting entities.

&1373 and other resolutions as

required) and guidelines.

RECOMMENDATION 18

The MLA should be revised to include

provisions consistent with FATF

Recommendation 18.

The CBG should ensure that the

examination manual includes the

surveillance of institutions who may be

transacting with shell banks in other

jurisdictions or have plans of setting up

shell banks in The Gambia.

A separate AML/CFT

Examination Manual will be

completed before July. This will

be applicable to different classes

of reporting entities.

The Guidelines to be developed

by the consultant will elaborate

on Shell Banks.

FIU, Reporting

entities

RECOMMENDATION 20

Conducting an assessment of the level of

ML & TF risk posed by non financial

businesses and professions (other than

DNFBPs).

Ensure that there are effective

monitoring and supervision of these

businesses when they are covered under

the ML Act.

Adopt appropriate measures to reduce

the circulation and use of cash in

commercial transactions

National

AML/CFT Risk

Assessment

proposal to be

completed in

May 2014.

The Gambia has successfully

implemented a payment

system to reduce the use of

cash in the economy. There is a

functioning payment system in

place. Furthermore, the

GAMSWITCH projects will

links all the ATMs and other

payment methods has began in

earnest and being expanded.

The RTGS is in place for

automated clearing of cheques

and other forms payments in

the commercial banks.

A National Risk Assessment

should follow, after the National

Strategy. The National

Coordinating Committee. An

expert working group will be

formed to draft a National

AML/CFT Risk Assessment

Proposal, seek funding and

conduct the risk assessment

exercise. The proposal should be

completed before May plenary.

The FIU you will conduct a

national workshop for key

DNFBPs to train them on

NCC, FIU, CBG,

SROs, including all

key stakeholders

Funding is required

GIABA support is

needed to drive the

process

Identification of

relevant donor

institutions

21


MER)

Timetable for

adoption of

corrective

measures



Responsible

Institution

Technical

Assistance

Required

Encourage the use of non-cash means of

payment that facilitate the identification

of the participants concerned.

AML/CFT obligations and

prepare them for onsite

examination, which may

commence in the last quarter of

2014.

RECOMMENDATION 21

The CBG should ensure that FIs are

advised of concerns about weaknesses in

the AML/CFT systems of other countries

Counter-measures should be put in place

when dealing with countries that do not

apply or insufficiently apply the FATF

Recommendations.

The CBG should include in their

examination procedures manual

examination of FIs’ compliance with

FATF Recommendations.

These measures have been

included in the Guideline

issued to FIs.

The examination procedures will

be included in the AML/CTF

Examination manual to be

completed by the consultant

before end June.

The Guidelines to be revised by

the consultant will capture any

deficiencies identified.

FIU & Regulators

RECOMMENDATION 22

In order to effectively implement

Recommendation 22,

the MLA should be reviewed to ensure

that the FIs can

apply AML/CFT measures to foreign

branches and subsidiaries when they are

established. This requirement can also

be included in the guidelines to FIs as

well as in it’s the examination manual.

This has been captured in the

AML/CTF Act 2012 and the

revised CDD guidelines.

The New Comprehensive

Guidelines will elaborate more

on foreign branches &

subsidiaries.

The AML/CTF examinational

manual to be completed by the

Consultant before end June will

capture examination

GFIU, CBG

22


MER)

Timetable for

adoption of

corrective

measures



Responsible

Institution

Technical

Assistance

Required

FIs should also be required to

communicate to the CBG about their

inability to perform their AML/CFT

obligations in a host country.

requirements for foreign

subsidiaries and branches and

host obligations to ML/TF.

RECOMMENDATION 24

Amending the Money Laundering Act

2003 to make the required relevant

provisions apply to DNFBPs.

Bring all the DNFBPs under regulatory

control for AML/CFT purposes either

under a government department or a

relevant SRO.

Require a relevant SRO to provide,

appropriate AML/CFT guidance to

DNFBPs.


revised, the new Act obligates

on all DNFBPs to carry out

AML/CFT obligations as

provided in the Act and

guidelines.

AML/CFT Guidelines have

been issued. However, if the

issue regulating the DNFBPs

either by a government

department or SRO, such

regulators should issue

guidance as appropriate.

The NPOs are supervised by

NGOs affairs

There is a need to regulate all

classes of DNFBPs. The NCC in

collaboration with other

stakeholders should address.

The NCC will meet before May

plenary to address this.

GFIU, NCC,

Ministries of Interior

and Justice

RECOMMENDATION 25

The FIU should develop appropriate

regulations and guidance notes

including typologies ML/TF trends for

the FIs

The Guidelines have been

issued to all reporting entities.

The Consultant will revise it and

adjust it to meet the best

standards

23


MER)

Timetable for

adoption of

corrective

measures



Responsible

Institution

Technical

Assistance

Required

FIU should conduct risk assessments to

determine the vulnerable sectors for the

purpose of developing further

regulations and applying its limited

resources to high risk sectors.

The CBG should take steps to sanctions

contained in FIA and MLA 2003

Provide guidance notes and train

financial institutions and DNFBPs on

how to implement guidance notes

Develop a feedback mechanism based on

FAFT best practices guidelines on

providing feedback to FIs and other

persons

The NCC, FIU, CBG will have to

conduct a national risk

assessment. An expert working

group will be formed to draft a

proposal, seek funding and

conduct the exercise.

A feedback mechanism should be

prepared and circulated to

Reporting entities and LEAs to

facilitate information sharing.

This should be completed before

May plenary.

NCC, GFIU, CBG,

SROs,

Funding is required

to carry out the

exercise.

RECOMMENDATION 29

The CBG should formally cover all the

AML/CFT measures in its supervision

and onsite examination.

The ML Act should be reviewed to cover

the FATF Recommendation

comprehensively with regards to

DNFBPs, and other unlicensed and

unregulated sector.

Onsite examinations should be extended

to the DNFBPs included in the Act.

Om-site

examinations

not conducted

on DNFBPs

All the 12 commercial banks

have been examined in the

past four years. AML/CFT

examinations were conducted

alongside the normal CBG

examination.

The ML Act has been revised.

The new Act provides for this.

There is a need to have separate

AML/CFT examinations for all

reporting entities. Once the

consultant completes the onsite

examination before end June

2014, all subsequent

examinations will be based on

the AML/CFT examinations

manual.

Once the onsite examination

manual is complete, onsite

examination will be conducted on

DNFBPs in a progressive

CBG, FIU, SROs

Not required

24


MER)

Timetable for

adoption of

corrective

measures



Responsible

Institution

Technical

Assistance

Required

The FIU should monitor and ensure

compliance by FIs, and NFIs with

requirements to combat money

laundering and terrorist financing,

consistent with the FATF

Recommendations.

manner starting with the Real

Estate Sector in the second half

of the year.

RECOMMENDATION 30

There is need for additional resources

including personnel, and more

specialized training for the financial

supervisory authorities, the FIU, and the

law enforcement agencies to enhance the

effective implementation of AML/CFT

measures.

The relevant agencies should be

provided with the required human

resources and funding to undertake the

challenges that terrorist financing poses

to global security.

The LEAs would need to reassess their

mandates and review their capacities in

order to be able to address the threats

that are likely to face The Gambia

financial system from money laundering,

terrorism, and terrorist financing.

No Risk

Assessment

conducted.

Risk Assessment, Asset

seizure The FIU and CBG staff

have been trained in National,

freezing and confiscation,

tactical analysis, FAFT

standards, Frauds an piracy,

FAFT new 40

Recommendations, Financial

Supervision and

Examinations. LEAs received

trainings on FAFT standards.

GFIU has been provided with

separate budget to cover its

activities for 2014.

GFIU obtained USD153,471

to help it effectively implement

the requirements of the

AML/CTF Act 2012. This will

cover the cost for a consultant,

print an bind all guidelines,

UNODC is providing training on

Financial Analysis for GFIU

staff hopefully before the May

plenary.

UNODC is providing trainings

for GFIU, LEAs, Customs, etc on

asset seizure and management

slated for March 24, 2014 in

Saly, Senegal.

GFIU, CBG

25


MER)

Timetable for

adoption of

corrective

measures



Responsible

Institution

Technical

Assistance

Required

internal policies, examination

manuals, fund 8 training

workshops, nationwide

sensitization, etc.

RECOMMENDATION 31

Expand the Committee to include

representatives of the Police, Customs,

NIA, NGO Agency, and SROs for

DNFBPs.

Commence the development of a

national strategy to ensure wide

circulation of policy documents and

broad consultation with all stakeholders.

The FIU needs more personnel and

adequate funding to make it functional

and capable of developing appropriate

policies and guidance notes for its

engagement with other national

institutions and law enforcement

agencies.

The NCC has been expanded

all the relevant stakeholders

are include.

The National Strategy

document will be finalised at a

national workshop slated for

March 18-20, 2014.

At the FIU’s Board meeting on

March 25, the Board has

approved to employ the

following staff: Manager

Research and Analysis,

Manager Compliance and

Prevention, Finance and

administration Officer,

Assistant Compliance Officer,

Financial Analyst, Contract IT

Officer from CBG, Secretary,

Driver, Messenger, and

Cleaner. The vacancies will be

announced to call for

application soon. The staff

strength will be increased

before the end of 2014.

More technical staff is needed.

26


MER)

Timetable for

adoption of

corrective

measures



Responsible

Institution

Technical

Assistance

Required

RECOMMENDATION 32

There is need for a data system for the

recording of receipted data on STRs and

CTR

The FIU should publish annual reports

to enable it provide feedback to reporting

entities and to the public.

Statistics on prosecutions and

investigations of money laundering cases

under the ML Act or the Drug Control

Act should be maintained by the relevant

agencies or in a centralized data system.

Records of assets seized, frozen,

confiscated and forfeited should also be

maintained.

The AG’s Chambers or the DPP should

maintain records on mutual legal

assistance and extradition matters

initiated and concluded by the SOSFA or

by the AG’s Chambers.

The authorities should consider setting

up a central data system in the FIU. The

data system should be available to all the

relevant supervisory authorities and

LEAs to store information about cases

investigated and prosecuted, including

recovered assets and other related

matters.

GFIU has a database on all

STRs and details received.

This is well organised in excel

template.

Furthermore, GFIU makes

photocopies of daily of

newspaper articles related to

ML/TF and other criminal

conducts.

GFIU has just gone

independent. The Act requires

it to publish its annual reports.

From November 2013 to date 5

STRs have received. 3 have

been analyzed shelved and 2

are being analyzed, further

information is being

requested.

GFIU is also subjected to

parliamentary scrutiny by the

Public Accounts and Public

Enterprises Committee of the

National Assembly. The GFIU

will present its first annual

report in the first quarter of

2015.

Once the problems of the Oracle

Mantas AML/CFT Analytical

Tool provided by GIABA are

addressed, this will help in the

data storage capacity of the

GFIU.

Apart from the annual report, a

feedback mechanism will be put

in place for information sharing

between the Reporting entities,

GFIU and LEAs.

Typologies will be developed

from this case.

The matter of record keeping at

Ministry of Justice will be

addressed at NCC level, to

improve record keeping.


from this case.

GFIU

NCC, Ministry of

Justice, GFIU, LEAs

27


MER)

Timetable for

adoption of

corrective

measures



Responsible

Institution

Technical

Assistance

Required

The GFIU has records of all

assets freezes. From

November 2013 to date, the

GFIU has frozen D16,000,000

in suspected money laundering

case linked to real estate

investment. The analysis of

the case is ongoing, the FIU of

Sao Tome and Principe is

gathering more information on

the suspect to help us in our

operational analysis.

GFIU also has records of all

Mutual Legal assistance

requests. From November

2013 to date GFIU received

one mutual legal assistance

request from a government in

Europe through the foreign

affairs ministries via the AG’s

Chambers. This involves a

transaction of USD400,000

linked to ML, drug trafficking,

illegal gold mining, etc.

However after a though fact

findings from relevant

institutions, the figure

surrounding the suspect is

over USD3 million, which has

been wired to series of

jurisdictions outside The

Gambia. The information

gathered was provided by


from this case.

28


MER)

Timetable for

adoption of

corrective

measures



Responsible

Institution

Technical

Assistance

Required

GFIU and CBG to facilitate the

legal assistance.

GFIU also received one

information request from FIU

Niger involving Gambians

using different identification

documents for same

individuals to wire series of

transactions using Western

Union and other MTOs. GFIU

is gathering more information

on this, so as to provide the

relevant information to FIU,

Niger.

RECOMMENDATION 33


office of the RG should be provided with

enough personnel and budget to

undertake its tasks under the company

code.

Additionally, the RG should establish a

database for all types of companies,

business names, and NPOs so as to

facilitate the request for information in a

timely manner.

The RG should commence the

verification of information provided in

the registration forms in order to ensure

that they are valid.

The information database on

company registration, names

of companies, etc has been

significantly improved.

There is a Centralize Company

registration system in place; a

one stop shop registration

system.

The NPOs are monitored and

supervised by the NGOs

Affairs Office, under Office of

the President.

The NCC should collaborate with

RG, AG’s chambers to improve

the records systems. This should

be included in the National

AML/CFT Strategy for The

Gambia. This will be discussed

at the Workshop slated for

March 18-20, 2014.

GFIU, Ministries of

Justice and Interior,

RG, AG, NCC

GIABA support for

the AML/CFT

National Strategy.

29


MER)

Timetable for

adoption of

corrective

measures



Responsible

Institution

Technical

Assistance

Required

Verification of records is done.

RECOMMENDATION 34

The RG should commence the

verification of information provided in

the registration forms in order to ensure

that they are valid.

TANGO requires additional assistance

to strengthen its self monitoring

mechanisms.

Sensitization on CFT is crucial both for

the Agency and for NGOs. The FIU

should organize a forum for NPOs to

apprise them of the CDD guidelines

issued by the Bank.

The review of the NGO Agency Decree

should take into account the need to have

regulatory guidelines on CFT to

complement those in the Anti-Terrorism

Act.

It may be useful for The Gambian

authorities to consider laws from other

Commonwealth jurisdictions on NPOs to

guide the process of The Gambia review.

The revised law should not however

discourage NGOs from providing

The verification of records is

done at Registry of Companies.

Training workshop will be

organised for all DNFBPs

including the NPOs before the

May plenary, funding funded by

AfDB. The training will include

NOPs’ AML/CFT obligations

such as record keeping, STR

reporting, compliance, CDD, etc.

Review of NGO Agency Degree

will be discussed at NCC for

amendment.

GFIU, TANGO,

SROs, NCC,

Ministries of Justice

and Interior.

There is a need for

GIABA to provide

facilitators.

30


MER)

Timetable for

adoption of

corrective

measures



Responsible

Institution

Technical

Assistance

Required

assistance to those who need their

services.

RECOMMENDATION 38

The ML Act should be reviewed to reduce

the penalty for predicate offences to the

threshold set by FATF.

In the alternative, The Gambia should

include all the minimum designated

categories of offences in the FATF

glossary in the prescribed offences in the

ML Act.

The response to MLA requests from

other countries should be made timely

and effective.

This has been done. The

threshold is now offences

attracting imprisonment of 6

months.

All the 20 predicate offences in

the FAFT glossary have been

included as predicate crimes

(see schedule II of AML/CTF

Act 2012.

MLA has been provided but

there is still a need to expedite

the process. GFIU can provide

information upon request on a

spontaneous basis. This is

allowed under the AML/CTF

Act 2012.

RECOMMENDATION 39

The Extradition Act would be more

efficiently implemented if the list of

extraditable offences and the 12months

imprisonment term threshold is removed

This has been highlighted in the

AML/CFT Strategy document

which will be finalised at the

National AML/CFT Strategy

workshop slated for March 18-

Ministry of Justice,

NCC, etc.

31


MER)

Timetable for

adoption of

corrective

measures



Responsible

Institution

Technical

Assistance

Required

from the Act in order to allow the Act to

be extended to as many offences as is

possible.

The authorities should develop measures

and procedures to enhance the efficiency

of the extradition processes.

The Extradition process should be

simplified to permit timely transmission

of requests from foreign State agencies to

counterpart agencies in The Gambia in

order to fast track the requests.

20, 2014. Relevant stakeholders

such as the Ministry f Justice,

NCC, will be tasked to review

the Extradition Act to address

the deficiencies.

RECOMMENDATION 40

Improvement in the provision of timely

responses to the requests from other

countries.

The FIU should be made functional and

procedures developed to enhance its

opportunity of joining the Egmont Group

so as to be able to exchange and receive

intelligence information on money

laundering and terrorist financing from

other countries.

Exchange of information with other

counterparts should be improved

through the signing of MOUs and

arrangements with them.

Tax matters should be made a predicate

of money laundering so that requests for

No MOU has

been signed.

The GFIU is functional and it

has acted upon all mutual

assistance requests as timely

as possible.

Since the GFIU is now an

independent government

entity, running on its own

annual budget, having

qualified staff, secured offices,

analytical software, CCTV

cameras, security, GIABA

should help GFIU in the

process of joining Egmont

Group.

GFIU as provided in the

AML/CTF Act 2012 Act can

share information with other

FIUs and International

GFIU should sign MOUs with

other FIUs and International

Organisations.

GFIU should start the process of

joining the Egmont Group of

FIUs and join the group before

end 2014.

GFIU should sign MOUs to

facilitate speedy information

sharing and collaboration.

GFIU, GIABA

32


MER)

Timetable for

adoption of

corrective

measures



Responsible

Institution

Technical

Assistance

Required

international cooperation in this regard

can be granted.

There should be sufficient security

mechanisms in place to protect

confidential information.

Organisations even without

MOUs.

SPECIAL RECOMMENDATION VI


CBG/FIU should undertake a risk

assessment of this sector in order to

determine its vulnerability.

Further steps should be taken to develop

appropriate AML/CFT guidance for this

sector.

Monitoring for AML/CFT compliance

should commence without further delay.

Guidelines have been issued.

The Consultant will review all

current Guidelines to make them

more comprehensive.

The draft national AML/CFT

strategy includes National Risk

Assessment as a strategic

objective. At the end of the

Workshop in March, the NCC,

FIU, CBG and all stakeholders

will form an Expert Working

Group to draft proposal for this

exercise.

GFIU, NCC, CBG,

etc

TA needed in

drafting the risk

assessment proposal.

Funding is also

required for

implementation.

SPECIAL RECOMMENDATION VII

The FIU has not issued legislation or

guidance regarding the implementation

of SR.VII to the financial sector.

Issue specific legislation and explicit

guidance notes to the financial sector

regarding SR.VII.

No guidance has been issued,

however the designated

terrorist list have been

disseminated to FIs. And non-

of the designated persons has

funds in the banks or hold

other assets with them.

A national regulations for the

implementation of the UN SCRs

1267, 1373 and any other

subsequent resolutions is being

drafted, GIABA’s assistance is

sought to help complete the

process before May plenary. This

GFIU, NCC,

Ministries of Justice

and Interior.

TA is needed in

rafting and

implementation of

regulation to

implement USCRs

33


MER)

Timetable for

adoption of

corrective

measures



Responsible

Institution

Technical

Assistance

Required

Sanctions and penalties should be

provided for non-compliance with

SR.VII.

The implementation of the record

keeping requirements should cover all

reporting entities.

R. 5 and other CDD measures should

apply to one off transactions relating to

wire transfers.

The Central Bank should verify that the

requirements of SR.VII are being

adhered to, when appropriate, as part of

its on-site inspection programme.

Record keeping requirements

has been extended to all

reporting entities as stipulated

in the AML/CTF Act 2012, the

AML/CTF guidelines issued to

reporting entities.

will cover not only the FIs but all

the reporting entities.

This regulation will specify all

the sanctions.

1267, 1373 and

others.

NB: Please note that statistics and other relevant information are being gathered and will be forwarded as soon as possible.

34

REPORT ON THE STRATEGIC DEFICIENCIES THE PLENARY REQUIRED

THE GAMBIA TO RECTIFY BEFORE THE NEXT PLENARY

Criminalization of the remaining predicate offences

1. All the 20 predicate offences as listed in the FAFT Glossary have been included in

Schedule II of the AML/CTF Act 2012. The seven predicate offences which were not included

in the ML Act 2003 have been included and criminalized in the laws of The Gambia.

2. Illicit Traffic in stolen and other goods has been criminalized in Section 158 of the

Customs Act, Vol. III Laws of the Gambia. Section 297 of Vol. III Laws of The Gambia.

3. Counterfeiting and piracy of products is criminalized in Section 349 Vol. III Laws of The

Gambia.

4. Smuggling has been criminalized in the Customs Act, Sections, 144, 145, 146, 147, 148,

and 149.

5. Piracy has been criminalized in Section 521 of the Merchant Shipping Act 2013

6. Illicit arms trafficking is criminalized in Arms and Ammunition part II Vol. III laws of

The Gambia

7. Further search in the laws of The Gambia will be done to determine in which Acts, insider

trading and market manipulation Participation in organized criminal group and racketeering are

criminalized. However, it should be noted that the acts are criminal conducts by virtue of the

definition of a criminal conduct as a conduct which attract a jail sentence of six months. It is

certainly believed that the two remaining crimes are criminalized in The Gambia.

Notwithstanding, we will provide the relevant laws which criminalized them and furnish it to

you.

8. Confirmation of appoint of FIU Director, the President of the Republic of The Gambia

appointed the Director of the FIU in November 2013, the Director assumed office on December

02, 2013. He has since been overseeing the transfer of staff and equipment to the new office

space. The GFIU is not completely independent, operating on its own budget. Its activities are

directed by a 7 member Board of Directors. The Board met on March 25, 2013 and approved

the GFIU budget. Two vehicles have been requested from the government to help facilitate the

activities of the GFIU. Quotations have been called to purchase additional materials for the unit.

New staff will be recruited soon. Both operating and project accounts for the GFIU have been

opened in the Central Bank of The Gambia. Some of the monies appropriated to the FUI have

been received. The African Development Bank will wire USD153,471 support to the FIU to

support the implementation of the requirements of the AML/CTF Act 2012. All reports stop at

the level of the GFIU Director. It is a separate government body.

9. To ratify the UN Convention for the Suppression of the International Financing of

Terrorism (1999) and UN Convention against Corruption (2003). The Ministry of Interior has

finalized the Cabinet papers to ratify these Conventions. The Conventions have been submitted

to the National Assembly Select Committee. It is hoped that in the next parliamentary sitting in

March 2014, the lawmakers will ratify these Conventions.

35

10. However, it is important to note that, though these Conventions have not been ratified,

The Gambia has actually implemented the requirements of these Conventions. The Anti-

Terrorism Act 2002 and the Anti-Money Laundering and Combating Terrorism Financing Act

2012 have domesticated the requirements of the UN Convention on the Suppression of the

International Financing of Terrorism.

11. The requirements of the UN Convention against Corruption 2003 have also been

domesticated in the Anti-Corruption Commission Act 2012 of The Gambia.

12. The Gambia has also ratified the OIC Convention on Terrorism in 2012.

13. Cognizant of the fact that The Gambia is a common law country, thus, it follows the

dualist approach in dealing with international agreements, conventions and protocols; in that

the ratification does not make it binding except the country domesticates them. Thus, ratifying

a convention does not make it binding on the country except the requirements of the

Conventions have been domesticated. Therefore, it is even much better to domesticate the

requirements of international conventions, rather sign them without domesticating them. This

does not in any way justify the non-ratification of these Conventions.

14. Implementation of UN SCRs 1267 and 1373. The drafting of a regulation for the

implementation of these Conventions has begun. It is expected that before May Plenary the

regulations will be completed and sign-off by the Minister of Finance for implementation.

However, Technical Assistance from GIABA is needed in this drive. An informal request was

made, but a formal request will be channeled to the DG of GIABA early next week. The draft

regulation by The Gambia will be discussed with GIABA for their input, guidance and advice.

All the strategic deficiencies required by the plenary for The Gambia to address before

May plenary will be met.

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